IVA
(Individual Voluntary Arrangement)

An IVA, is viewed an alternative to bankruptcy in which the debtor arranges a formal agreement with his creditors to pay off a set percentage of his debt over a set period of time.

An IVA is often seen as a better option to bankruptcy, as it is viewed as having less of an adverse impact on a person's lifetime credit history.

If you are in an IVA agreement then you will probably be aware that an IVA makes it much easier for you to keep your home.

However, it is standard procedure for many IVAs to include a clause that stipulates that after a set number of years you will be required to have your home revalued, and to give your creditors a set percentage of the equity that has been built up as a final payment.

At Mortgage Sense we have mortgage specialists who can assist those who are looking to purchase a property or remortgage who have :

  • A current IVA that is running satisfactorily
  • Satisfied their IVA less than 1 year ago
  • Satisfied their IVA between 1 and 3 years ago
  • Satisfied their IVA over 3 years ago

You will be entitled to a better mortgage deal by the longer the period that your IVA has been satisfied for.

 

 

 
Overall cost for comparison 7.6% APR. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration. A fee may be charged on completion typically 1.25%. Paying off short term loans and credit cards with a mortgage could cost you more over the long term. Early repayment charges may apply.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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